anyone got any ideas about the block trades that went through today?

website: http://www.sterlingenergyplc.com/



weather: www.nhc.noaa.gov/refresh/graphics_at4+shtml/084938.shtml?50wind120

Is it going to be a red day/or blue you decide.

Alrighty then ..... I'll go for blue!!

Who cares today I may in a year or so Dave.

Of course, the greater implication of the Mauritannia Government Options being taken up is that all participants get their share trimmed by the timely move.

That is, all but Sterling who are the gainers of this share along with the Government.

Basic, but sometimes it takes a nights sleep to work a few things out like finer points.

12% from the PSC on Chinguetti will hardly dent them of course, as they must have accounted for that portion to go anyway.

But there it is!

Well, I know someone can come in with a big sell and spoil the party but things look better from early trade, many more buys than sells.

I am with you sandrew64, I think blue!

Morning all, nice start to the day so far. Here's to a blue day hopefully. Thanks for the IC post SWW.

Welcome.

Seems we are off to a flyer.

Wonder how far it will go?

Dave, did you buy yet or are you still holding for 15p?

Still waiting sw,and looks iffey at the mo.

Personally I don't think we will hit 15p, but I may be wrong of course.

The main advice that I have seen elsewhere was a recommendation to buy in at sub 20p while you still can.

Must say I did not think the time space was this short, but I suppose if the new issue is only available to Institutions and Banks, that may explain what is happening.

Also, I suppose as the news starts to age, then perhaps the price will drop back towards 17p again, then again, maybe not!

Its just one of my options,i will see it out over the next month and hopefully be in,as of now i cant lose.

To good times ahead

Fair enough!

Such a dilema, to buy more now or wait a while to see what happens with the placing shares. Think I might wait a bit and see what happens. It's certainly a tough call! But looking to the future, a couple of pence here or there will be irelevant.

From Rigzone.com:

Sterling Energy has secured a position as a strategic partner of the Mauritanian government. It has reached a conditional agreement to share in the revenues from the government's 12% interest in the 120 million barrel Chinguetti offshore oil field.

Sterling Chief Executive, Harry Wilson said: "This represents a stunning deal for Sterling, and establishes us as a key player in Mauritania, now recognized as one of the global hotspots for oil exploration and development activity. It cements our close relationship with the Mauritanian Government going forward as we have been confirmed as a strategic partner of the Government to help it develop its additional oil and gas assets."

Chinguetti, due on stream in early 2006, and operated by Woodside, is expected initially to produce 75,000 barrels of oil per day.

Sterling is paying a $15.5 million signature bonus, and providing a letter of credit for $130 million to cover the Government's share of past costs, forward development costs and contingencies. In return, Sterling will receive income from a sliding scale share of the field's production.

Sterling is seeking to raise 97 million (US$ 175 million) to fund the deal and supplement its cash balances, through an institutional placing. A shareholders' meeting has been convened for 18 November.

Sterling is already involved in Mauritania as a result of its successful 40 million take-over last December of Fusion Oil & Gas plc. That gave Sterling production royalty interests in offshore license areas PSC A and PSC B with no future capital costs paid by Sterling.

A 20-well program is currently under way in PSC A and B, which includes development drilling on Chinguetti, appraisal of the 2003 Tiof discovery, and a five well exploration program, the first well of which resulted in the Tevet discovery last month.

They wrote all that 3 times???

Wow!

I see that as significant that SEY are now above yesterdays start price of 19.25p.

That shows the mood currently of punters and city although there are not huge volumes today.

Moving up again today, looks like it is seen as a positive this placement and the subsequent deal, with the price of oil at the moment and the future requirements of China regarding Oil I can only see a bright future for this company, just glad i'm in for the long term now...

Whoops! It was posted over 3 pages, so the copy and paste must have copied it 3 times. Will edit it.

Will be interesting to see how the price holds up for the rest of the day and week. wish I could get to buy in in this placing!

Thanks gav, adie agreed.

Oil is the place to be.

The confidence shown in the price makes me feel much more relaxed than yesterday.

Now the up and down really does not matter.

Of course as a Strategic Partner, SEY may well be in a position to do the same with Tevet as well, the difference being they will have a fair amount of cash to do it next time the options are due.

And any other finds.......

Could be a very strong upward movement if this is mentioned at the EGM.

Significant change in Company fortunes this deal I think!

A few sellers appearing now, so I doubt it will hold at 19.5p mid.

Right, no more trivials. I'm off...............................

Back later!

goood mooornnnnning all....

well, more days, more news and i am feeling more positive. demand will be high for the placement, the companies size id transformed and all we need is a bit of a strike and these will move swiftly through 20. this is a LONG TERM HOLD. sit back, realx and enjoy the show.